TECH MAHINDRA

Hyderabad: A special court will announce on July 28 the date of verdict in the case relating to multicrore accounting fraud in erstwhile Satyam Computer Services Limited.
The special court, which was to pronounce the date on Thursday, deferred it by over a month.
Special Judge B.V.L.N. Chakravarthi of 21st additional chief...

Software major Tech Mahindra on Monday reported 27 per cent jump in consolidated net profit at Rs 686.3 crore for the quarter ended June 30, 2013, on the back of growth across verticals like manufacturing and media amp; entertainment.
The company's net profit stood at Rs 540.5 crore in the same...

New Delhi: Software firm Mahindra Satyam was on Tuesday formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm.
"Over the past 4 years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage...

Hyderabad: The Andhra Pradesh High Court on Tueday approved the merger of Mahindra Satyam (MSat) with Tech Mahindra while dismissing the petitions of some shareholders seeking to stall the proposal in its current form so as to safeguard their financial interest.
The Court said, however, that the investigations into the alleged...

Mumbai: Shares in Tech Mahindra Ltd rose as much as 6.8 per cent on Wednesday after its JanuaryMarch quarter net profit rose 24 per cent, beating estimates.
Tech Mahindra said its Marchquarter consolidated net profit rose 24.4 per cent.
The results came out after the close of markets on Tuesday
...

Mumbai: Shares in Tech Mahindra Ltd fall 1.9 per cent, while Satyam Computer Services Ltd drops 1.6 per cent, a day after the companies said a longplanned merger between the two had been delayed by an additional six months up to September 30. The companies did not give a reason...

Bangalore: Tech Mahindra Ltd and Satyam Computer Services Ltd, which are in the process of a merger, aim to hire up to 10,000 staff for the combined entity in 2012/13 to meet an expected rise in demand for technology services.
The companies also plan to complement their parent Mahindra & Mahindra...

Bangalore: The combined entity resulting from the merger of Tech Mahindra Ltd and Satyam Computer Services Ltd may hire as many as 10,000 new employees in the current fiscal year, said Vineet Nayyar, CEO of Tech Mahindra.
"We are trying to secure more efficiencies internally, we'll see how it works out,...

New Delhi: The swap ratio for the merger of Mahindra Satyam with Tech Mahindra has been fixed at 8.5 shares of Satyam for every one share of Tech Mahindra, by the boards of the two companies.
The ratio is on expected lines, though some players felt Tech Mahindra shareholders should have...

London: The Public Accounts Committee of the House of Commons on Tuesday expressed concern over immigration officials' alleged "lack of control" over Indian and other nonEuropean Union workers entering Britain through the InterCompany Transfer (ICT) route.
Many Indian IT companies use this route to transfer staff to offices in Britain. Since...

Mumbai: British Telecom is in talks with hardware telecom companies to sell its 24.4 per cent stake in Tech Mahindra, reports CNBCTV18s Kritika Saxena quoting sources. It is learnt that AlcatelLucent, Ericsson and Siemens are in the fray.
Sources add that the stake sale may be in two tranches, selling 10...

Kolkata: Corporate Affairs Minister Salman Khurshid said in Kolkata on Tuesday the government is hopeful that the capital market regulator in the United States would not impose any penalty on Satyam Computer Services Ltd.
The market regulator in India, Securities Exchange Board of India (SEBI) had earlier requested the Securities Exchange...

Bangalore: The Central Bureau of Investigation filed new charges against the founder of Satyam Computer Services Ltd and five others on Thursday over an accounting fraud that hit the software services company early last year.
The Central Bureau of Investigation said it had filed a third charge sheet against...

Canbera: Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said on Friday.
Satyam's President of Corporate affairs, Sujit Baksi formally conveyed the decision to the government of Victoria state through a...

Creation is only the first phase. You then have to move on to the next phase of sustaining that creation to the realm of Vishnu the preserver Perhaps that is why Vishnu comes not in one, but in ten incarnations.
Anand Mahindra, February 13, 2008, Nasscom Leadership Summit
Anand Mahindra has...

Mumbai: Business decisions are never made at the spur of the moment and the belief that Anand Mahindra decided to go after Satyam Computer Services Ltd after the scam broke out is wrong.
Anand Mahindra had long been eyeing the IT major. He disclosed this in an exclusive chat with Vir...

Mumbai: Asserting its control over Mahindra Satyam, Tech Mahindra on Tuesday appointed its executive C P Gurnani CEO of the company it acquired through open auction.
The company also appointed S Durgashankar CFO of the Mahindra Satyam whose account books were cooked by the previous management in what is now...

Hyderabad: Two months after taking over scamtainted Satyam Computer Services, Tech Mahindra on Sunday renamed the IT major as Mahindra Satyam.
The logo will be adopted from the Mahindra Group. "This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the...

Mumbai: Tainted IT firm Satyam Computer Services on Tuesday reported a standalone net profit of Rs 52 crore for the month ended in February 2009.
The company had a net profit of Rs 4 crore in January 2009, Satyam said in a regulatory filing to the stock exchanges.
The total income...

Mumbai: Satyam is bulging with at least 10,000 employees who are not needed and half of them could lose their jobs.
With Tech Mahindra as the new owner, it's wait and watch for Satyam employees as plans to rationalise cost is chalked out.
"It is more than 10,000 people. Some form of...

Hyderabad: The family of B Ramalinga Raju, the main accused in the multicrore fraud at Satyam Computer, has approached a local court seeking a direction to defreeze bank accounts and get back seized electronic items.
In two separate petitions filed in the XIV Additional Chief Metropolitan Magistrate court by kins of...

New Delhi: Satyam Computer Services' has more than 10,000 excess staff, new owner Tech Mahindra said on Friday, and the fraudhit outsourcer's chairman said revenues remained on a downward slope.
Vineet Nayyar, the chief executive of Tech Mahindra which last month won an auction for a controlling stake in Satyam, said...

Mumbai: IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company.
In a filing to the BSE, Satyam said Tech Mahindra, via its subsidiary Venturbay Consultants, has been alloted 30,27,64,327 shares or 31 per cent stake...

New Delhi: The financial fraud perpetrated by the founders of Satyam Computer Services was executed through a wellplanned accounting system that used as many as 7,561 fraudulent invoices worth Rs 5,117 crore to inflate the company's sales, the Central Bureau of Investigation (CBI) alleged on Monday.
To perpetrate the fraud, the...

New Delhi: Hinting at a possible increase in its open offer price for Satyam, the new owner Tech Mahindra has advised shareholders of crisishit
IT firm to wait till June 22 for the final price before tendering their shares.
The open offer for acquiring 20 per cent equity in Satyam at Rs...

New Delhi: IT firm Tech Mahindra on Wednesday said its Rs 1,154.66crore open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009.
In a public announcement made to the shareholders of Satyam Computer,...

Hyderabad: Tech Mahindra, the new owner of Satyam Computer Services, on Monday said it was excited about the prospects of the fraudhit IT major and that restoring financial health was the priority.
After the first meeting with the governmentappointed board, Chief of Mahindra Group, Anand Mahindra, said Satyam would remain a...

Mumbai: Fraudhit Satyam Computer Services Ltd may have up to 10 percent excess staff, a local newspaper reported on Saturday, quoting the head of the company's governmentappointed board.
Kiran Karnik told the Economic Times that 3,000 to 5,000 staff were in excess, over and above the normal 'bench' maintained at...